Rupee Hits 8-Week Low Of 75.40, Falls 28 Paise Against Dollar
NDTV
The rupee on Monday plunged by 28 paise to hit its weakest level in eight weeks at 75.40 against the US dollar
The rupee on Monday plunged by 28 paise to hit its weakest level in eight weeks at 75.40 against the US dollar in line with massive erosion in domestic stocks amid concerns over the new Omicron variant.Besides, rising crude prices in international markets and a surging greenback overseas also pulled the rupee back.
At the interbank foreign exchange market, the local currency opened weak at 75.22 and witnessed an intra-day high of 75.19 and a low of 75.45 against the US dollar in the day trade.
The local unit finally settled at 75.40 a dollar, down 28 paise over its previous close – the lowest closing level for the rupee since October 12.
"Rupee depreciated for the third day in a row following a plunge in domestic equities and strong haven demand for the dollar. Investors have trimmed risk exposure ahead of RBI policy decisions, scheduled on December 8,” Dilip Parmar- Research Analyst, HDFC Securities, said.
